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US EIA says USAC gasoline stocks draw to four-month low

Houston (Platts)--28 Mar 2018 1152 am EDT/1552 GMT


Gasoline stocks on the US Atlantic Coast plummeted the week ended March 23, dropping to a four-month low on a continued draw for winter-grade barrels, US Energy Information Administration data showed Wednesday.

Inventories fell 3.32 million barrels to 56.35 million barrels, the lowest total since the week ended November 24. The decline was led by the lower Atlantic sub-region, where stocks fell 2.64 million barrels. That was the largest week-on-week drop for that area since the week ended November 4, 2016.

The entire Atlantic Coast is currently in the late stages of transition to summer gasoline from winter-specification grade. It is common for suppliers to draw down inventories as they prepare to build stocks for lower-RVP product.

Cash prices last week reflected the inventory pull, with 13.5 RVP RBOB climbing 2.40 cents/gal from March 19-23.

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Regional gasoline production also fell, as refinery utilization rates dropped 2.9 percentage points to 77%. Production dipped 8,000 b/d to a four-week low of 3.10 million b/d.

--Joshua Brown, joshua.brown1@spglobal.com

--Edited by Jennifer Pedrick, jennifer.pedrick@spglobal.com




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